Feedback on FCA Project Innovate Workshops

A striking aspect is the negative, limited view of innovation from established, regulated firms, compared to small innovators and non-regulated firms. This seems to underscore how protected the existing providers have been from external competition to date.

Worth providing feedback on the summary, and any solutions to problems identified.

Following the Financial Innovation Lab session in May and the Project Innovate session I attended in August, I still recommend a short 'small firms registration process' that would allow all new firms to enter the market more quickly and operate under certain thresholds before going through the
lengthy full authorisation process if they can succeed in growing (as for small payment/e-money
institutions).